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E-match cotton transactions dip on Dec 6
07
Dec '10
On December 6, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 19,700 tons, down 3,420 tons compared with the previous day.

The recent Politburo meeting decided that monetary policy should return from "moderate liberal" to "sound state" and as the banks increase efforts to reclaim loans, the market speculates that the size of credit will reduce in the future.

These announcements caused caution in electronic trading and the e-match session fell amid shocks on the day. Nearby month contract MA1012 closed at 27,000 Yuan, down 395 Yuan per ton. Daily trade volume too shrank.

Contract MA1103 fell to the lowest price at 26,200 Yuan and contract 1012 hit the highest price at 27,880 Yuan. On December 6, cotton price index in China rose 149 Yuan to 26,500 Yuan. As of December 6, business cotton on China National Cotton Exchange (CNCE) registered 142,824 tons.

Fibre2fashion News Desk - China

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